5. College Ave Student Loans

College Ave Student Loans began only in 2014 but is now one of the leading private student loan lenders in the U.S. College Ave simplified the loan application process. It eliminated the need for a statement showing how much is left to be paid on the loan. College Ave retrieves that information from the borrower’s credit report.

Eligible loan balance: At least $5,000

Interest rates: As low as 3.88% for variable rates and 4.65% for fixed rates

Repayment terms: 8, 10, 12, 15 yrs

Income requirement: None specified but it must be around double the amount of the borrower’s debt

Education: Undergraduates may refinance their student debt with the help of a co-signer

Cons: Some feel uncomfortable with Earnest’s data-driven underwriting system. The company requires borrowers to connect their accounts (online banking, investment and retirement) to the Earnest system.

7. LendKey

LendKey is an online platform for the refinancing of both federal and private student loans. Students get to choose from 300 community banks and credit unions.

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DISCLAIMER: Federal Student Loan Programs provided by the Department of Education are generally free to apply for and debtors may apply for relief by themselves. We charge fees for our services, and there is never a Department of Education processing fee. We are not endorsed, sponsored, or in any way related to the Department of Education. A consolidation combines several loans into one for the purpose of lowering a student loan payment. We make no guarantees about APR upon consolidation. APR is set by your student loan servicer. For more information on Fee Free Federal Student Loan Programs please visit www.ed.gov. We solely assist in preparing applications for Government benefits and you are not required to use or obtain these benefits.